iStar completes sale of 160 North Miami condos

The residential division of iStar Financial sold out all 160 condos it owned at One Fifty One at Biscayne in North Miami.

A spokesperson for DevStar Group, whose DevStar Realty handled One Fifty One’s sales, marketing and repositioning for iStar Residential, announced the project’s sellout in a written statement on Monday. DevStar began selling the units at the beginning of 2014. Prices started at $240,000 for the two and three-bedroom residences at Biscayne Boulevard and Northeast 151st Street.

Repositioning the project, which was previously known as the Oaks at Biscayne Landing, included a multi-million dollar renovation and a $4 million amenities package approved by the city in March. Other planned upgrades include a new tennis court, fitness center, clubroom and pool deck.

In addition to One Fifty One, DevStar has repositioned Paramount Bay in Miami’s Edgewater neighborhood and Ocean House South Beach. It is co-developing the Marina Palms Yacht Club & Residences in North Miami Beach with Neil Fairman of the Plaza Group.

“We knew from the beginning of the sales campaign that we were offering a desirable product at a price point that could not be matched in the South Florida luxury condo market,” DevStar Group principal George Helmstetter said. “Our unit inventory offered buyers tremendous panoramic ocean views at a price that was a fraction of what nearby preconstruction projects were being sold for.” — Eric Kalis